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A Potentially Useful Creative Practice Is to List Different Dimensions

question 10

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A potentially useful creative practice is to list different dimensions of a system and the elements of each dimension, then think through the potential commercial usefulness of each combination.


Definitions:

Total Cost Curve

A graphical representation that shows the total cost of producing different quantities of output.

Ratio

A mathematical expression that represents the quantitative relationship between two numbers, showing how many times one value contains or is contained by the other.

Output

The total amount of goods or services produced by a firm, industry, or economy in a given period.

Average Fixed Costs

The fixed costs of production divided by the quantity of output produced, decreasing as production increases.

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